Financial FAFSA School Code: 006305
Any student enrolled at MCHP, who qualifies for financial assistance, will receive aid to the extent funds are available. The amount of actual aid awarded depends upon the financial need of the individual student and/or family, and, therefore, will reflect the student and/or family's financial circumstances. All such information is strictly confidential. In general, a student is eligible for financial assistance at the MCHP if he or she:
- Is a citizen of the United States or is an eligible non-citizen.
- Is not in default on a previous loan; does not owe a refund on a previous grant or scholarship.
- Has not previously earned a baccalaureate degree (only applies to Pell and Maine State Grant).
- Is making satisfactory academic progress.
- Is a matriculated student enrolled in an eligible program.
Financial need is the difference between costs (tuition and fees, room, board, student uniforms, books, supplies, travel, and personal expenses) and the amount of money the student and/or the student's family can afford to pay, as determined by a standard formula, established by Congress, and approved by the Secretary of Education. The amount is referred to as the Federal Methodology and the calculation is:
Cost of Attendance – Student Aid Index = Need
The basis for figuring the Student Aid Index (SAI) is completion of the Free Application for Federal Student Aid (FAFSA). The information provided on the FAFSA determines the SAI and the results are used to determine a student's financial need. A Financial Aid Professional Judgment may be made only in a most unusual situation.
Students that wish to apply for financial aid should submit the FAFSA to the Federal Processor of the U.S. Department of Education by May 1 to meet all scholarship and grant deadlines. Students are required to apply online at www.studentaid.gov. Students are required to reapply for financial aid each academic year.